5 Ideas for Generating Multiple Passive Income From Home in 2020 and Beyond
There was a time when common people have no idea about what is passive income. Musicians, singers and other artist use to earn royalties for their one-time work. And people use to think that passive income, royalties are only for some special bread of people.
But due to the advancement in digital technology, now-a-days even common people can start making passive income from home. In-fact millions have already started making passive income as they were technology savvy and adapted to this changing format at the earliest.
Before you read this article further let me tell you that it takes time. Generating passive income is not a get rich quick scheme. But yes, it is like any other skill which requires hard work, time, dedication and commitments. But the best part is once a system is ready it will start generating income for you.
What Is Passive Income?
In simple words, passive income is a kind of system in which you work hard for a few months or even for a few years and then that system starts generating income for you without your much active involvement. And you will be earning income for coming many years depending upon the time and situation.
So, if you have heard that saving in insurance is safe and let me tell you creating a few sources of passive income are even safer. My idea is not to stop you or discourage anyone from taking insurance. No, they are always good options but yes if you can create a few sources of passive income then that will be great. So, let me share some of the options through which you can create passive income.
Start Writing For Online Forum
I know someone very closely who is writing for an online forum from last one decade he is generating more than $900 per month as a passive income. I am not saying that if you start you will also make such kind of income as various factors are involved in that but I am saying there is a possibility.
Even if you will start making $200 per month by writing one-time articles then also it is a good option. So, the two forums which I can suggest to you for this purpose are hubpags.com and medium.com. Before you start there are some rules which you have to follow to become successful. I also write for hubpages.com forum due to the above reasons and writing is my passive.
Publish Your E-Book Or Book Online
Again, if you are good at writing and have an ability to write more than an average human being then try to publish your own book or e-book online. Let me tell you very frankly that in today’s time due to digital technology it’s possible to become an author as well as publisher.
Yes, you read it right; you don’t need any publisher to publish your own book. This also means zero rejections from anyone except readers. And the best part is you will be getting up to 70% of royalty in comparison to 15% which you will get if you go with the traditional publishing.
So, the trick is the more number of amazing books you can write and put in front of people then there will be better chances for you to succeed. And the best platform is Amazon for this purpose.
Start Your Own Blogging Career
Now if you don’t want to share your profit with anyone then try to start a blog. Starting a blog doesn’t cost more than Rs. 10000 or in some cases even less than Rs. 4000/- depending upon the platform which you will use.
The only demerit is you have to start from scratch. Let me explain you in detail. If you start writing for the forum or publish your e-book through Amazon then you will be using the known digital platforms. In these platforms, audiences are already there, whereas, when you will start a blog you will have no audience and nobody heard about you as a blogger.
But yes, this can become a good source of passive income but takes more time and due to this issue, many people leave blogging. But I know a few bloggers who are making $10000/- per month. And once they built one system then they start building another system.
Create An Online Course
Those people who are smart and have a great grip on their subject they make their online course and sell to the targeted audience. Whether you believe or not if you have skills then you can make video courses out of that and sell online.
As per some report, online course industry is worth $3.61 billion but it is expected to grow up to 25 billion by 2025. I know many people online because I have spent a good amount of money in 2019 just to understand and learn many digital marketing stuff. And I have observed over time that now courses are easily available and they are less expensive. One year back courses were pretty expensive and I made some mistakes while purchasing some courses.
So, if you want to purchase some course online then look for two things. First, it should not be expensive and second, you should get lifetime access for those courses and their Facebook community. There are some course creators who are not supportive and will drop you from their Facebook group if you will not ready to pay them an annual fee just to stay in their community. This shows they are online just to make money and not to share value.
Start Your Own YouTube Channel
If you would have started your YouTube channel three to four years back then by now you have grown well. When you start a YouTube channel your actual content and presentation matter the most. Whereas billions watch YouTube channel every month there are millions who make videos and earn in millions.
Now the best part is you don’t need any expensive camera to start any YouTube channel. Now-a-days our smart mobiles are good enough to record our videos. You just need good lighting around you and you are good to go. And in fact, there are many channels which you can start from home and even without showing your face. It is true that if smart-phones have replaced TV and laptop then YouTube has replaced the TV channels.
I know someone who runs 9 YouTube channels and his is earning in millions and he is only 19 years old. Check out his YouTube channel - Make Money Matt.
Besides these, one can start affiliate marketing, podcast channel or eCommerce website. In fact, I can tell you five more systems. But the article will be too long to read. Whatever ideas I have shared I have good knowledge about them. In fact, I am personally trying to build my own system by applying some of them.
I have started recently and I regret that I started a little late. My honest advice is first to focus on one system build it a little bit then try to start another system. And of course, once you start doing you will get much experience, knowledge and success. Everything depends upon how much and how well you are applying the systems.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Vikram Brahma